San Gold Corporation (SGRCF)

[goldenpolarbear]

About 90 people have been laid off and another 150 jobs are in jeopardy in Bissett after the mine owner announced disappointing results for 2017.

True North, formerly known as the Rice Lake mine, has not produced as much gold or money as expected, said Klondex Mines Ltd. in a press release.

Klondex reopened the mine in 2016 and projected a return of 45,000 to 65,000 ounces per year.

But gold production from the mine formerly owned by San Gold Corporation was just 24,000-27,000 ounces in 2017. The company said in a press release it required a bare minimum of 35,000-40,000 ounces.

https://www.winnipegfreepress.com/local/less-than-stellar-output-leads-to-layoffs-at-bissett-gold-mine-468845083.html

https://www.klondexmines.com/operations/true-north/overview

With these relatively high grades what are the varied issues?

https://www.klondexmines.com/operations/true-north/reserves-and-resources

Luckily, Kerr Mines did not merge several years ago with SAN Gold imho...

http://www.mining.com/klondex-shrinks-manitoban-operations/

http://www.cbc.ca/news/canada/manitoba/klondex-gold-mine-bissett-1.4480301